Dangote advises Nigerians hoarding US dollars to sell now, gives reasons
Aliko Dangote has advised Nigerian dollar holders to sell their US dollars immediately rather than keep them.
The founder of the Dangote Group and Africa’s richest man made this statement at a global press conference in Lagos, where he announced plans to expand his $20 billion Dangote Petroleum Refinery.
According to Dangote, his refinery operation and also expected supportive government polices in the months ahead will see the dollar value drop further.
He said:
“If I had dollars today, I would rather sell them now than wait for the next month or so. Without my refinery, you would have ended up buying dollars at a ridiculous rate. Today, it is at N1,500 a major gain.
"My refinery ensured the dollar rate dropped and our FX reserves grew. I can assure you that within one or two months, with government support for the downstream sector through new policies, the naira rate will improve significantly.
"If I had dollars today, I would sell. Don't wait”
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